ML20069D894

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Corn Belt Power Cooperative 1993 Annual Rept
ML20069D894
Person / Time
Site: Duane Arnold NextEra Energy icon.png
Issue date: 12/31/1993
From: Drager E, Tryne G
CORN BELT POWER COOPERATIVE
To:
Shared Package
ML20069D889 List:
References
NUDOCS 9406060265
Download: ML20069D894 (31)
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} T 1 he p<m ertid paradox of water. At once,it's a playfiil puddle, splashing delighttidly around a child's bright-colored boot. Yet again,it can deluge a farmer's tender crops with unrelenting downpours. Uncontrolled, raging water can cut away at the hardest rock;its floods can devastate a family's home and put a company out of business. Water is nature's most powertid element. Contained,it can be systematically released to generate electricity. Controlled in a heat pump pipeline, water can transfer heat from the ground and warm a family etliciently and economically through winter's most bitter temperatures. Corn licit Power felt the effects of water in 1993 - the wettest year ever recorded in Iowa. Precipitation statewide averaged 48.13 inches, almost 15 inches or 45 percent abuse normal. Excesshe water both hurt and helped the cooperative. Throughout Corn llelt's system, flooded fields produced less corn to drv, but more basements had sump l pumps and dehumidifiers running. Some substations flooded, but because of heavy rains, Alissouri Riser hydroelectric dams refilled afier six consecutive years of drought, increasing availability of hydropower. Itoth essential to life and powertid enough to take it away, water was indeed the storv of 1993. Its paradoxical etrects will be remembered for many years to come. 1 Boone Valley Electric Cooperative 2 Butler County REC \\ 3 Cdhoun County Electric Cooperative Assoc. J m 7 4 Fr nklin REC [ 8 5 Glidden REC l 4 Q 6 Grundy County REC Cu 7 HIncock County REC ~ y 3 g 8 Humboldt County REC h 6 9 lowa Lakes Electric Cooperative 6 10 Midland Power Cooperative 11 Sac County REC 12 Cright County REC North towa Municipal Electric Cooperative Association (NIMECA): Includes municipal electric utilities of Alta, Bancroft, Coon Rapids, Graettinger, Grundy Center, Laurens, Milford, New Hampton, Spencer, Sumner, Webster City and West Bend. C orn Itcit Power Cooperathe, headtjuartered at llu generation and transmission electric cooperative owned by its member systems. Corn llelt provide, electric power to 12 member distribution electric cooperatives and one municipal electric cooperative (NI AIECA). Corn licit serves farm members, rural residences, small towns, and commercial and industrial members across 27 counties in north tentral lowa. )

L,,,,2 4& v aler, tratrr, rrr7Tirhrrr, We're interested n(it }ust in industrial Nor nUY drop to dr[U/J. ' loads, but the people who follow those - Sainuel 14 tor Coleridor loads. Execut.ive Increase m. kdowatt-hour salco can Report These w ords tiom ions ago "cre ako be attributed to suae"in Corn particularly litting thr this past year. licit's marketing program. The Power Throughout 1993 - the year of Olympics program encourages employees continual d(m npours, flooded corn to promote electricity use to members. ticids, and wet basements - Corn licit Points awarded in the Power Olympics Pim cr Cooperative steadestly maintained program ti>r sales of heating and cooling q its reliable senise, supplying electricity to systems and electric w ater heaters y its members despite the unrelenting rain. resulted in an almost 50 percent increase f' "Errrr r/sud has its siin r linina. ' 2,300 kW of new electric heat and over in points tiom the year betiire. Over p h [gf -Don.Ilanpris 500 tons of new heat pumps uere sold C;~ during 1993. Points were aho awarded in spite of the weather (or perhaps to to co-ops ihr marketing displays and some extent because ofit ), Corn llelt participation in the customer senice g } Power had a good year in terms of both training. L tinances and sales. We set an all-time record tiH energy sa}cs !() (tur membCr "[l raHHot Tain hHI // [oHTs. " cooperatis cs, rates were down slightly, - Jonathan Mrift Eugene Drager w e w ere able to par a quarter of a md. h. on President of the Board dollars in patronage, and we allocated Some of the increase in sales can be additional patronage to the members at attributed to the use of sump pumps and %gp%. vear end. dehumidifiers, made necessarv because of As 1993 came to a close, we looked saturated soil, air and basements. s gp back on the optimism the Corn licit Additionally, Uns were running on crop g4 Power board and management had w hen dryers much of the time. b: making decisions to better the cooperative. Corn licit Pow er invests in the Iowa These decisions included strengthening Alarketing Group to promote a posithe y' the marketing programs and continuing IEC image and quality customer service. strong etibrts toward economic develop- " Alomentum is lluilding," the contractors' ment. Aluch of the increase in kilowatt-conference held in Des hioines, was a hour usage can be attributed to success good example of how the Iowa Alarketing George W. Toyne in industrial des clopment ettorts. Iowa Group promotes this message. Executive Vice President and Arca Desclopment Group had another Corn llelt is ako closely im ohed General Manager good year in 1993, facihtanng,2 projects, with the Iowa Emironmental Group. 30 of which w ere tbr new and existing With so many law s changing, we need to industries in our area. Representation at clearl3 understand the system and what economic des clopment trade show s is an we must do to be in tune with the laws. important part of the success oflADG's With new laws and regulations, we et1brts. Distribution cooperath es are reminded of the importance of strengthen their positions by sending continual involvement with our elected representathes to work at the trade shows. otlicials. We have been taking part in We cannot solely rely on corn drving I,cgislatisc Day in Des hioines and have as a means to increase our load. Industrial been acthe in the fall get-togethers with Jes clopment will pick up w here corn our representatives. It takes time and d! Ting t]uits. Also,it jobs becomC available hard work to communicate our viCWpoint through industrial development, u c will to lawmakers, but we must diligently get more people to locate on REC lines. continue to do so. ,>>R K n v,,nn

m3A "C "Wiscn tiir wcil's dn, wr bww ti?c w<n t/i v/ water. Millions kWh Energy Sales j - Brujamin Franidin 1,200 l six years of drought conditions ended 1,000 tbr Western Area Powcr Administration (WAPA), w hich supplies Corn licit with 800-hydropow er. WAPA's sis Alissouri main %4g,gj gp stem resen oirs refilled due to increased 600 - "jyf my ',, Yy .,M runofl upstream and reduced releases to ,x 2A s -e t.. n?A jh M % [Q th %ied d(m nstream areas. Asbestos w as 400 - remos ed f rom ('orn 1; cit's llumboldt y i mtmiti) Ting s) stem u as Jppn n cd f(>r ,,c .z.,.. %: .c .. 34o .. i w, g. u, Station, and a continuous emissions 200-j ,., w -- . : ;, y(.y,, (... g ~ s- >;. s. - 1 g; 7 [,g. g. Wisdom Station A ref ueling outage was 0-tompleted at the Duane Arnold Energy 1973 1978 1983 1988 1993 Center A plant precipitator comersion u as completed at the ('ouncil lilutrs 3 l ioal-tired plant. Cooperatisc Association and its members, i Ses cral substation construction and au the other interconnected Iowa projects ucre undern av during 1993. utilitics, especially Miducst Power and Rain hampered scheduling of construction Iowa Electric I ight and Power Company. nork at tunes, but did not disrupt c aH u ork together to prmide a j clectric servit e to Corn licit Pow er reliable energy supply and an adequate members ('orn lich was host to the nunsmiwion uwm in our area. We base Miducst Trammission Conference at u nded dosek together tiir several years, to the benefit of all. ()koboji in May. e u ould like to thank the board,its Internally, our cooperatis e's limploy ce 5tudv Committee developed a '"'*"I""' "ur member systems, and new u cliness program ihr our emplo> ces. our employees tiir their commitment to The program encourages healthy in king Corn licit Power a stable lifestyles and titnew and also reduces the ()rpani/ation of high quality. T(>gether l insurance premiums n e pav. ue look positively at new opportunitics ahead ( orn licit's lluilding and Grounds Committee completed a detailed revicu of our headquarters buildings. We are in Member REC Costs Mills /kWh il)e pulcew ()l InstaNing nCW B)t)fs ()n the

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~TNMR ? 9 otlice building and warehouse. YdNNN?$NNNN Sinctcen ninety-three aho saw a '5 40-MYNM5kd@k % N3@55M@ change in board representation tium 35 bdicdii.%5 Grundy County REC Af ter 12 ) cars of

h. y senice to the Corn 1; cit board, Paul

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n.; R(ibertu m retired and uds replaced by 25 b g g.Q g 4 _D 7[2 L p 77.g Sg. ag]q.#.,.}fg;' f [c " + 7 'r?yy.: Donald Mcl.can. Donald i ekiman took g, Yg, jg ggg,p;gjggg. eMp

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@gg to Robertson's place as secretary and Donald O' Tool became the new auistant is - @- @ X Q W> comessend everege nsc rase reneses pewer @{ eewtonusrecipinseerves tynecs. - secretary / treasurer. to -c g in reticuing our year, n e must also 34 j crciht ti;c Mid-Continent Arca Pow er , q.; d g. , qm 2 ..u , ool, % cstern Area 1 ou er Administration, ,,,, l ,g, ,,,7 ,,y ,,g the North low a Municipal Electric 19n yw ag 9' f i,.n q' ' '

w8 he Good Old Davs"- 1 integrated with the RECS that year. i i Looking have been Privilesed to 1968-we started a common have spent many of them with Corn identification program featuring yellow l Back neh. Since i stanca in 1962, many vehicles with intC iogo ror the Corn neh people have come and gone. Alany area. The program eventually spread projects were started - some completed, statewide and nationwide. Corn licit l some dropped, and some are ongoing. agreed to participate in Iowa's first i Things we think of as always being nuclear plant, Duane Arnold Energy part of Corn llch were not here in 1962 Center, with lowa Electric and Central - including Western Area Power lowa Power Cooperative (CIPCO). Administration (WAPA) power, 1970-National Rural Utilities computers and cranes. Cooperative Finance Corporation (CFC) j Other things we consider new were was started. Corn llelt joined planning already with us back then -- strong for Alid-Continent Area Power Pool l l Gcurral.1/anapcr Gange marketing programs, insulating fiir ( A1 APP). ] 7aync mi// rctirc in 19V4 electric heat, and economic development 1972-The cooperative marked its aper 32 years helping to to name a few. 25th anniversans hecp Corn ifc/t l'amcr To help with remembering, I have 1973-An energy squeeze resulted i Coopcratirc a step ahead. re-read annual reports back to 1962. from fuel shortages. Corn Beh signed We asked him to reflect on Some items ofinterest follow: letters ofintent to participate in Council changes at Corn lic/t 1962-We were burning lowa coal Illutrs 3 and Neal 4 coal-fired plants. j during his time with the at Ilumboldt and Wisdom stations. Corn lleh also retired the Pocahontas cooperatire. Eight dicsci plants were kept in running diesel plant. l i order. An extensive power use program 1974-Duane Arnold Energy Center i promoted water heaters, air conditioning came on line. and electric heat. 1975-Corn licit started joint 1963-Corn Helt President Robert dispatch with lowa Public Service Cejka's message tbcused on promoting Company (now Alidwest Power). Rail industrial development. Corn Belt improvements were made near received its first hydroponer and Humboldt Station. planned for its first 161-kilovolt 1977-An addition was buih onto t ran smission line. the Humboldt oflice and dispatch 1965-We marked the first allocation operations were brought in to the of patronage dividends North lowa building tiom Humboldt Station. Alunicipal Electric Cooperative 1978-The Allied Power project was l Association ( NI A1ECA) was lbrmed. We started to build a new power plant. started an updating program ihr older 1979-Corn llelt started a research transmission lines. project with lowa State University and i 1966-A storm on Alarch 22 lbrced Land O' l.akes to study wind and solar postponement of our annual meeting lbr power. Council Bluffs 3 and Neal 4 came l the first time ever. The sescre weather on line. j conditions resuhed in over 100 broken 1980-Corn Belt witnessed the first i poles. To maintain senice, a crane was ever decline in sales to RECS. Interest used to hold up a 161-kilovolt structure rates were at an all-time high. near Spencer. 1981-Corn Helt's last dicsci plant 1967-The first industries located at was retired. the Industrial Park near Spencer. Corn 1982-Hampton Service Center was llelt also installed a radio system built.

m e 19S3-A ( hnstmas bli//ard caused g, I h,k M. systent gh f hamc in the Corn 1; cit transmission y + 1984 ---(iirn Piclt tilrnled joint 3 marketing mmmittee with CIPC(). ?g i t 1985-A joint operation with (Ill'( ~( ) wa' !nCd. h)wa Arel I)es clt spment Group was formed. ~/- 1986 -- A tornado hit Neal 4 and Wisdom St.uinn. causing extensis c damage. 1989--('orn licit entered into long-term agreements with NIMI ( A. 1991 -- A Ilallow een ice storm I ~~-- y dow ned transmission lines in many parts ot'('orn licit's terri:orv, leas ing some _ 4 meinhers witht) tit pt ru er tkir days. $1. s These are just a l'cw of'the highlights. }; Some ot the things I remember: 3 ~y

  • When a computer was a slide rule f'I' S

= When ( hnstmas parties and annual ~ meetings ucre held in the g.. w a re hou se .y y

  • When the t'amih t' arm was much I

r ,/ smaller b a Transmission planning with all .m other utilitics in Iowa = Years and y ears of' load grow th = i, cars of no load growth ",, q }. g-g ~ a New emironmental regulations ) = 1)uane Cummings, llancock i ' 13 l T".

  • 1)rought and floods (fj i,

a @ 't ('(>untv itE(: manauer, u ht, w as When Grange.Rnne retiresjhnn C,orn licit P<necr Cooperatire in 1994, he ~ there w hen I started and is still i srill ba rc scrred the cooperativefor a,2 years,18 cf. hose as acncral manager. t there = 1 ctter tiom 1)ase llamil, REA administrator, on our 25th annis ersarv, saying, " Corn licit has always been a step ahead." And, in particular, I remember the many, many people along the way w ho hase helped so much in making all these years good ones. Thank you all, and remember to keep Corn llelt a step ahead. I will miss you. _A- }am, T,,'

I l i i TT E E carv rainfall was a welcomed Installation of a continuous emissions A A sight tior Western Area monitoring system (CEA1) was approved . Generation. Powa Adniinistration (WAPAh which for Wisdom Station, Spencer. The had experienced drought conditions in equipment will record release of sulfur the Alissouri River basin for six of the dioxide, nitrous oxides, and carbon I i past seven y ears, resulting in substantially dioxide from the plant. Installation of below normal runotrand reduced hydro-CEAiis required to meet the Clean Air power. Corn llelt Power buys a portion Act Amendments of the 1990s. The ofits power from WAPA. Availability CEA1 equipment will generate reports { and cost of this power were aWected by beginning Januarv 1,1995. the drought. WAPA reported that the six Corn licit Power's jointly-owned ) Alissouri River main stem reservoirs were generating plants all operated successfully completely retilled by the end of 1993. during the year. Duane Arnold Energv In 1993, at Corn llelt Power's Center, Palo, marked its 20th year of liumboldt Station, asbestos was operation, generating 3 A million removed from pipes, vessels and duct megawatt-hours, which was the plant's work during a project from June through third best production year. A refueling 4 Nosember. A total of 291 tons of outage was completed at DAEC in the asbestos that tilled 28 semitrucks was fall and construction of additional spent remoted fiom the plant. Corn llelt is fuel storage was begun at the end of the imestigating several future options ti>r year. Council Illuffs 3 had an 18 week the generating plant, all of which outage m the fall for a plant precipitator necessitate asbestos removal. Water conversion and the plant also had its levels of the Des Aloines 1Ger, adjacent control system replaced. Neal 4, Sioux l to Ilumboldt Station property, equated City, had a normal operating year. i the hiehest level ever recorded. i l

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,= 4 I j l j l 3 4,; % / j In ~ > " Wn + bu ^ of Garins Point Darn, rialtt. is dv. s one o.fscreralIn. drodurric M 2' ~ wk.. ,+ "*~~ept; t.t,W. n-py -s. ' p^ dants oftrated by Wcstern .., %? W

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Area Potrer Adntinistration %,&#g*nep'hyM+A&n,,,% F. f unu in the niswuri g: &,T: i-n. ? ?M' i W M

  1. 4w&n River basin. Reservoirs, MQ 4

t mf ' %f i u Q:. &g la%%, Dj% rap t 1rin. h thTd bffn dcf itCd by c l "Y - i ~ kron,tlbt }hir 35.v }(a rs, ww[} '#W ..f I Ql f}l(T njilled due to incrcaud rnnt,tf) nfstriani a nd Q 13 _ reduccd rr! cases to flooded ' YQ;",. doirnstrcam arcas.

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nLaincer with Control w b ~h ~- ly hh} ' ~ .\\fissouri, displays the Sohttions, Spristafield, g "T^^% continnons emissions + ~ 'u fikgf }\\,i, monitorirla equipmcnt beista .s f assembicd in.\\fissourijbr , }

  • 's Corn Belt Pinecr's \\\\*isdom A 3 1.

Station, Spencer. a ~%,.,. v y:.,.7m i ~ f M t ff V +. I N. w L Left, the Des.\\loines Rirer ~ spilled out ofits banks and '~ 'W onto nciahborinafarm Y ~ pround oppositc Corn Brit's Humboldt Station. Rircr a Icrcis cqualed the highest s' flooding mark crer recordcd. Snow was still on thepround in carly April.

i l l ( T T he second year of the Power were installed to measure kilowatt-hour Corporate Olympics program resulted in use and demand characteristics of various l sales of electric water heaters and electric types of heat pumps and electric resistance Relations heating ana moiing systems inacasing heatingsystems.Theprojectwasaevciopea dramatically. Power Olympics is a Corn to analy/c costs and revenue in relation lich system-wide program that encourages to marketing program incentives. I goal setting and increased REC employee Training projects included sessions l invoh ement in marketing and customer connected to the Power Olympics service. In 1993, Corn llelt's overall program that emphasized effective point total was 50 percent higher than communication skills. Corn llelt also the 1992 total. All participating cooperatives hosted a new employec/ director uere successful in surpassing their 1992 orientation ihr member cooperatises and l base point total or carning totals above municipals, covering Corn llelt background, the 1992 Corn IIcit average. The lead current organization and future plans. card program, new to Power Olympics in Corn lich's board approved a new 1993, brought in almost 500 leads, over program making matching timds available 100 of u hich resulted in installation of for member systems to support area and electric heating and woling systems. The regional promotional development 1993 Grand Award was carned by Sac cubrts that would expand residential, County REC thr top percentage increase. commercial or industrial electric load. Sac County REC and llutler County Corn llelt Power again co-hosted the REC carned Top Points Awards. Mid-lowa Community Development A research project with participation Conference in March with Iowa State of all distribution cooperatives began in University Cooperative Extension. The 1993 with the installation of electronic conference is designed ihr small town demand meters on targeted heating and leaders to share ideas about successful costlitig hlads. Appra niitiately 150 nieters c<>minunity des clopnicin progrants. /

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l [p $ $f asw w ww )j por wno d vin w i CARTH ENERGY, y'f =, g : 4e** un' g iP q! gr n Corn licit Power <(' f + s. ~ Coopera tire participated c in screraltrade shows with ? S ? other cooperatives, inchiding .f ,,~ ~ ~,Mi I %eMh' m ' u-4 i the Farm Pryrcss show, J %f ~ a p;- hnra State Fair, World Park Erpo and Clar ('onnty Fair. j "y nD'% Y u At riaht, Jack Nchoon, I FLODIDA HEAT PUf/P suffrint(nd(nt of'nlalketiny h hff Q '* and in(n!hCr MTricCS for , nh V' "*'AW Y W Iowa Lat:rs Electric ME {- 5t I Cooperative, L. bcrrd. !c, ge u Gli - ~ ~ explains the advantages of a WATER SOURCE oi a risitor at the Clay Count, KJ r r NEkT PINPS eq% - around source heat punty to e' 1 air, Sycncer.

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In 1993, ('orn licit began stocking electric water heaters with lifetime tank warranties. The Alarketing Advisory Conunittee also recommended that Corn licit stock electric water heaters featuring a plastic lining and 10-year warranty. Water Heater Installation Corn licit Power participated in

  1. Water Heaters Rebate Program projects with the Public Information 900 Committee of the Iowa Association of Elect ric ( kperatives, including developin g displays for the Farm Progress Show and 800

@y. Iowa State Fair, donating time to the Camp ('ourageous proicct, and taping 700 Q three television spots featuring industries served by RECS. Corn llelt.Ilso co-sponsored a booth at the Clav

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'I I b ~ 600 - County I air, Spencer, with low a 1.akes Elettric Cooperative and Northwest 1 J Iowa Pow er Cooperatise. Projects with N-N-- E 500 - c -~ ~ - -~r T~ m the lowa Alarketing Grotip included the 1986 1987 1988 1989 1990 1991 1992 1993 first " Alomentum is lluildmg contractors conti rence, sales training, and a display at the Worki Pork Espo. l c e s 1993 Power Olympics Member Points for Year 28,000 M 4o 22.000 X I R;ll};!:'tb1E =:6t:ll*X* *?;;4:!dI6 kRI 20.000 is.ooo is.ooo 14.000 E in 1993, li' arts Watt, the company it.ooo 10.000 -- 13 E newsletter, was redesigned. Also, the 8 60 - g g g j Corporate Relations Department was E v m-reorganized creating the following '[ B 2 B mi positions: manager, corporate relations; ,,ooo marketing director; marketing a """''"*""**""""***"'""*"'"*"""""*""*""S" coordinator; and general services ^ " ' 1992 Base E 1993 Goal E 1993 Total

\\ Co'. Transmission and Substations onstructmn of the Alcirose proiccts,it did not disrupt electric senice Substation and Tap west of to Corn llelt Power members. Some of Grundy Center was completed in the tall the distribution substations were flooded of 1993, adding reliability and additional at times by excessive rainfall. capacity fi>r Grundy (:ounty RiiC Initial General maintenance projects ) work on installing a capacitor bank at the included painting the communications Estherville Substation was begun in tower at llumboldt headquarters and 1993 as was construction of the lleaver recycling utility pole crossarms into j Creek Substation near Aplington. Corn sun cy stakes. The cooperative also licit Power crews also worked on purchased a new digger derrick and rock converting the 34.5-kilosolt 1. inn truck during the year. Grove /Alarathon/I.aurens line fi>rmerly Corn licit Power served as host for ow ned by Iowa Electnc I.ight and Power the Alidwest Transmission Conference at Company to a 69-kilosolt line to back Okobojiin Alay. Approximately 70 up senice to the city of1,aurens. representathes tiom generation and Although the rainy weather hampered transmission cooperatives across the work on some of the construction Alidwest attended the conterence. v t p hp / \\ er /, 3 4 : 4 .c 3 3 4 - 34 1 x - %x _ 'u h }l) l 35 q npggy 1 2* Q ' G1 ,.., mm_ y y~ " e y 3 ' ; fJ 111h=. CE,EQ * '~ w

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, [ ~y~y~ g y 'N n L Soute distribution substations y J - Y j f;, kl { I' in ('orn Brit I'merr's scrrice N ^ a rca were floodcd by c.vrosirc { ~ 9 fW h rainfall during tbc yea r: Q D,mp 17asman, lineman , j jY jhj " "'*{ T thr Imra Lakes Electric y } g,3;gy% y J;gfy/ L &qtT Wag Cooperative, checks on "i o W ? h Wh A lb{W;& ~# l Avnbirc Snbstation near ~ n ~ y* w Emmetsbur;a. I'lmto by 'v l Dana Sunth, Iowa Lakcs e m Electric Cooperative. 2 e a i

l l l l f ~ M Q is ) h l g M 4, ) l = p w y j9,, Abarc, Gary Brinklev,journeyinan \\ clectrician at Corn Belt Potrcr's Hainpron Service Center, chanpcs insulators at the Boonc Valley Substation. Lcjt, Jack Ben nctt, pencral niain tena nceforcina n, rccycles part of a pole crossa rni into a survey stake. Belan', Kent Pacper, \\ [ apprentice lincinan, helps string the l conductor that trill tie in the Alcirose *1ay to the ncsr 3fcirose Substation. i y 4 -~l g' j h '.,. c, ) (. s.1 . ~ ^ -l .[,, 't n J . a'. =- 96

g s.- C 12. p-1 Director Corn Belt Personnel Update Retires Nc a Emplovuos Serwce Amrds 3 j Marv Harding, market-Each year. Corn licit Power k i i L mg coordinatoi-July 1 Cooperative honors its long-s- d term emplovces bv presentina .f I-Patrick Connor, general them with special' awards. " W f) . plant worker, Wisdom ,.p ' ' / Station-Aug.19 In 1993, these employees were M) g# [ Eric Tomlinson, general recognized: Cj plant worker, Wisdom George Jensen, computer .4no4-) Station-Aug. 2, ., maintenance technician- . 35 vears Paul Retired ~ Robertson Richard Wittrock, shif t j Ab.se Sorensen, chiet-y engineer, Humboldt "P.ator, y,isdom Sta' tion-Aug. I Stanon-an years g q jl4-Jim Fairchild, control /. Robert Burgett, system s operator, gistjom L supervisor-00 years 1 Station-Aug.16 .r

j. Ronald Potter, machin-Y V ist/ welder-25 years Dale Arends, senior vice

,. president and assistant f general manager-20 years i Robert Gress, journeyman (. lineman, Emmetsburg' Donald McLean Service Center-20 years Paul Robertson, Robert Nielsen,line Rcinbcch, Corn Belt threman, Humboldt-20 Powcr boa rd YCar% represcuratirefiwn A John Ralph, control Grundy County R EC, G operator, Wisdom Station-retiredfiotn the board 39 ye,7s in Septernbcr after 12 years ofservice. Donald McLean, Conrad, was clected to ~~% ,n, fill Grundy Centcr W % hl. p~. lh ' REC'sposition on the E .gs,1W board. .,,~. ~ W- .:mf 11l ~i' T.' 0 Q:TW ' '" G l [

  • Q W

,a' 13n i x .s y,p l q g L s Sp.., s ,x ik N 'Q, ' 2.; ( x yg ? Y.3 'hRf 3 '\\\\C g% [,';Qy ~ \\ .,,g K ' O N.4 $ Qfjs s - x g Ay%T. ' s%~. ' g. "4 4 .s 3,y N Q':n -k,, p. 'N ?g 'x x xg y n s +, At left, a nen'suin is ~ \\ snstalled on thejront of N Corn licit l'owerheadquartcrs N s Q. building that will match the ~_ _ ..a '. fx D ncn> dark preen pitched roof: ~ ~ R Construction of the roof ~ ~ ~ - began in late 1991 fl \\ s Q cnovation of Corn licit Power Cooperative headquarters F.f-S g ". 7 7 building and warehouse began in late 1993 after board O approval earlier in the year. A new roof for the warehouse building was %M installed in November. Construction of a new dark green pitched roof q g {7 for the headquarters building also began. w8 l 7 9tgg:m A new canopy will be added to the headquarters building at the P - F1 ~Q._ front entrance, w hich will feature a windowed cupola. A new canopy 3 )b ( }$f will also be estended out from the lounge area.

  1. ^

The Corn llelt Power Cooperative lloard of Directors also approved window replacement. The facility will be updated to complv s it hN with the Americans with Disabilities Act ( ADA), adding wider doors in N. the rest rooms, recessing and lowering water fountains, and widening g l 7*3 the distance between the front entrance doors. The building's esterior underwent tuckpointing in October, with K. workers repairing crumbled and cracked mortac and replacing damaged and mismatched brick. A new sign that will match the new roof color - }N was also added to the front of the building. s N. llh ~ N Lcji, an cmployer of Karr Tuckpointing, ~, W l'inton, rcpairs crumbled mortar outsidc SN Corn licit l'ower's headquarters building.

I k Henry rains resulted in roads beingfooded screral .e.C,%'Laa.a; fitnes thror(ghout theycuar J - n ..._m,%,., A,u,,n e .nya s, M 'Ihis ran shours how deep the

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'~ rushing water was that p, ~ corcred Hialnray 4 south of ' df

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Q$ Erninctsbuq1)hr niore than jbff yh: .y5,, [ '[ QsY h km,., S53_p"~%fr% % :. ^ ~' w ^^ hal.fa niitc.1%to b.y Dana r n c.. ~./ "" : - ~ ;) L M. M., i RD'EEE50lMLEIUY} Sonith, Iowa Lakes Electric 4 Y@;g$ W *NYW Cooperative. r^N f / \\ / \\ Expenses f',;;,l=~~s;- \\ \\ ~ ....l ~ L.y .;q 1993 1992 Amount Percent Amount l'ercent Generation. S 18,453,608 42.43 S 17,008,345 40.40 Interest and Loan Expense 8,960,737 20.61 9,076,431 21.56 Depreciation & Decommissioning. 6,064,995 13.95 6,189,796 14.70 Taxes. 2,548,761 5.86 2,620,063 6.22 Administrative and General.. 3,606,981 8.29 3,516,187 8.35 l'urchased l'ower, Net. 1,354,008 3.11 1,540,493 3.66 Transmission. 2,061,153 4.74 1,815,543 4.3.1 Sales. 431405 1.01 335,237 .80 TOTAL. S 43,489,648 100.00 S 42,102,095 100.00

Expensos 15L System Data 1993 kWh Ililled 1993 Revenue Alember/ Utility by Corn llelt to Corn Ilelt lloone Valley E!cetric Co-op. 6,013,857 S 274,397 llutler County lWC 101,153,689 4,798,372 Calhoun County Electric Co-op. 30,186.139 1,429,688 Franklin iWC 38,046,157 1,861,105 Glidden lWC 37,813,043 1,775,955 Grundy County lWC 47,515,239 2,239,549 Ilancock County IWC 43,235,154 2,060,546 Ilumboldt County IWC 41,982,861 1,948,660 lowa 1.akes Electric Co-op. 213,405,177 9,552,964 Alidland Power Cooperative /0,955,061 3,315,544 Sac County IWC '1,479,802 1,008,445 Wright County IWC 80,560,087 2,905,736 NI A1ECA. 76,379,752 2,544,924 Webster (:ity 119,040,363 5,703,887 lowa Electric 1. ight and Power 25,739,000 651,136 Alidwest Pon er Systems a < 9,200 TOTAL.................................................. 953,505,381 $42,450,108 Load Summary Sources of Energy 1993-kWh 1992-kWh Duane Arnold Energy Center 323,500,899 343,214,406 Council lilutl's #3 104,987,000 138,570,000 Neal #4 490,722,000 445,290,000 Ilumboldt Station. (601,396) (584,115) Wisdom Station. 33,249,000 18,809,200 Webster City 397,870 259,310 NIAIECA/Other 18,665,326 38,739,350 Western Area Power Administration 138,584,000 139,078,000 llasin Electric Power Cooperative 71,560,000 Alidwest Power Systems (93,366,000j (202,862,000) T O TA L S O U RC E S....................................... l 016,138,699 992,074,151 a Sales of Energy IWCs /32,346,266 712,487,899 Webster City 119,040,363 116,474,666 N1 A1ECA. 76,379,752 92,635,640 Other Sales. 25,739,000 T O TA L S A L E S............................................. 953,505,381 921,598,205 System Uses 62,633.318 70,475,946 TOTAL SALES AND SYSTEA1 USES........... 1 016,138,699 992,074,151 3

'n. - --nx ri : i 4 3 m.a w w.5 a n. w _,.,a .. ~:. - a ,.)6 ', J> Balance Sheets omnmer n m ano um ASSETS 1993 1992 liEECTRIC l'LANT ( Notes 2.ind 6i: In scrs iu. S 196,474,599 S 193,997,854 I ess accumulated dcpreciation. 97,372,960 91,259,0S4 y i 96,liil,639 ~~ l(i2,73S M i 4 ( 'onstrut tion w or k in progress. 3.203,145 1,890,596 7 Notlear f uel, net ot amortization i Noic 21. ,056,292 6,4 95)p.l ~ ~ 109,361,076 _111,129,2S3 1 OTIIER PROPERTY AND INVESTMENTS: j Nonotihtv pmperts 422,131 422,131 ,] Imcstment in the National Rural f l'tihtics ('ooperath c 1:inance j ('orporation ( Note 2 ). 2,515,890 2,516,418 .,ei 1.and hcid for linure generatmg m" t sue I Notc 8 i. 3,856,509 3,S56,509 1 1)ccommiwioning f und ( Note 2 ). 6,742,738 5,669,STS

14

-A ()ther unestments and retchabics 8,2 S 2,05 S i Notes 2 and 10). 7,393,905 ~ 20174A,994~ 20,931;I73 CURRENT ASSETS: (' ash and t ash equivalents. 7,058,223 7,948,509 Nhor t tcim imestments. 2,563,927 1,203,207 Member a< counts receivable. 3,797,128 3.S2 3,S2 n Other recen ables. 242,324 359,768 j Im entories - y l~ucl, primarily ioal, at last in '? first out cost. 1,438,639 1,S31,013 [ Materials and supphes, at ascrage cost 2,004,746 1,951,564 Prepay ments. . _... __ 414,381 __62_1,175 17,739,062 . -..l7,519,368 l DEFERRED CilARGES: gg't. Det'ened l>cpartment ot'l'ncrgt deconunissioning costs ( Note 12 ). 1,789,147 1,845,000 -3 Det'crred spent nuclear luci disposal costs j (Notc 9 i 720,792 880,96S y Dct'ctred retuchng costs ( Note 2 i. 1,780,226 964,144 l'oamorti/cd reimancmg cost i Note 4 ). 691.777 4S7,960 1,527,505 1,61S,142 ()t her ( Note ~ >. m<io e wan. _ __5_ - _5,411,553 s]If 4,.121,064 s 15. ~ l The auompanung notes to financial staicments arc an integral part ot these statements. -:] [d 4..

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  • W R Q y %

h gre g g x-s. y~ 'gt eaju d h m C d 6 haA m.6A,.s h id h ada & :AssCd156a m salasikaa b a & Lit M.i W M E.udg, +cq Balance Sheets LT December 31,1993 and 1992 b3-n!;m. a MEMBERSHIP CAPITAL AND LIABILITIES W, i.: k - pf6 .M 4 .9, 1993 1992 S = MEMilERSlilP cal' ITAL: 9 Memberships, at $100 per membership. 1,400 1,400 [#d Deferred patronage dividends, per %%[ accompanying statements (payment g re.ineted as indicated in Note 3). 6,717,255 6,367,255 ' DW3 Other equities, per accompanying 3 j# st at ements. 13,E99,243 13,191,158 M4h !a$. 20,517,898 19,559,813 e. r LONG-TEIG1 DEllT (Note 4): !?% ~,. f{f[ Rural Electritication Administration. 43,014,564 45,146,498 Federal Financing llank. 71,330,792 72,575,198 p Capital lease obligations ( Note 2 ). 5,918,708 6,628,511 g.A [i[s Pollution control revenue bonds. 2,735,000 2,855,000 Mg 122,999,064 127,205,207 d yy

1. css - Current maturities of C

~~ Q @ long-term debt. 4,740,918 4,619,832 l18,258 146 122,585,375 1 c&N OTHER LONG-TERM LIAlllLITIES: A ii. sq Deferred Department of Energy $g y decommissioning costs (Note 12). 1,615,132 1,845,000 3 M Deferred compensation. 237,540 297,853 1,852 672 2,142,853 3 6Q CURRENT LI AlllLITIES: 1 Current maturities oflong-term debt. 4,740,918 4,619,832 Dj Accounts payable. 3,071,270 2,360,091 pfd Accrued property and other tnes. 2,412,044 2,455,268 NT/ Accrued interest and other.. 2,116 716 394,894 gg t 12,340,948 9,830,083 5% l DEFERRED CREDITS: sq l Other (Note 7).. 1,351,400 1,293,427 [qM z. _S154,321.3064 $ 155,411,553_ W$q <.s j;y? ,. y The accompanying notes to financial statements are an integral part of these statements. if e g,nn n g m[6 s4 nwnn,nnvannn,n e>vn-s- i< ya ~ e 'if ?. V: }. 4 ..,....:+ t <n n'2 - M .1, r #4.-

7 ww i.pr4:_ki,,g g, ,,4,_=ai, s w,k'- .aa ,,',s4b;, ,,,5,[#{f-4_ d a'i,, "w_,Yi?.' .mi'. 4 A A 9pM-' e + 4 g+ s' 11 8, a Statements of Revenues and Expenses ] For the Years Ended Decerriber 31.1993 and 1992 d --__ _ 199.3 -_._-.1992 OPEILATING REVENUES: Sales of'clectric energs. S 40,435,769 5 40,005,277 ()ther __._2,794,358 _ _.2,451,271 x 4 3,230,12 ~ 42,450,548 4 OPERATING EXPENSES: j ( )peration sicarn and other pim cr generanon. 14,483,702 13.0S7,895 Purt based p(m ci, nct. 1,354,008 1,540,493 'l ransnuw:on. 1,520,528 1.292,479 9 Nales. 439,405 335.237 Administratisc anti cencral 3,575,792 3,491,794 i;j Maintenante I 5 team and othcr pimer generation 3,969,906 3,920,450 t Tr ansnussion. 540,625 523,064 j General plant 31,189 24.393 Dcpretiation and detonuniwinning .- ? ( Notc 2 ) 6,064,995 6,1S9,796 Properts and orher tascs. _ _ 2,54 8,~61 2,620,063 34,528,911 _33,025,664 Net Operatmg Rescnues. _8,701,216 _9,430,S84 INTEREST AND OTiiER DEDl'CTIONS: 4 Intcrcst on long term debt. 8,316,920 8,650,514 -i Other interest (Notc 2 >. 496,2 ~3 516,971 ) Interest during tonstructuin (Note 21. (264,889) !373,91S) g ()ther dedut tions. 89,627 99,391 3 Anu>rti/ation of'rcacqtured debt t Note 4 i 300,680 162,279 Anu>rtization of loan expense _ _ _22,126 _ _ _ _. _21,194 i _ _ _8,9 60 ~ 3 ~ _ %076,431 1 S.ET OPF RA'IING MARGIN t D11 ICIT). _ 25% 521) _ 354d53 ( 1 s. NON-OPERATING MARGIN: Interc<t income 1.115,385 1,0S7,813 ().hcr, net ._... 3 3 5,2 41 _ 40%984 , j 1,450,626 1,497,797 7 21 N1.T M ARGIN. S 1,191,105 S 1,S52,250 m -- ~ - - _. p 4 I he au<impam uig no:c. to finantial statcinents arc an uitcyral part eit thcsc statcnicnts ] J 2 ,.s.-.- .i.-- . e7 de -

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a.w 5 sh. Adx u 4 i.m # ,&.Ib MsL W_*Lumm N.ed 4bM. FM E% dWs 4 7 y F,1 Statements of Cash Flows For the Years Ended December 31,1993 and 1992 (Note 2) 1993 CASH FLOWS FROA1 OPERATING ACTIVITIES: ~ 1992 Sct margin S 1,191,105 S 1,852,250 Adjustments to reconcile net margin to cash provided by operations: 1)cpreciation and amortization. 5,815,567 5,948,960 Amortization of nut! car tinci. 1,578,531 1,618,108 Amorti/ation of defitred refueling costa,. 1,314,897 1,378,502 Amorriration of nuticar tiici di,posal ' + t ost s. 160,176 160,176 '+' Amortization of refinancing cost. 300,680 162,279 ~ Amorti/ation ofliepartment of Fncrgy decommissioning costs. 125,485 Changes in current assets and liabihtics: P' Accounts rcccivable. 144,142 119,913 Imentones. 339,192 < 33,681 ) g,, Prepayments. 206,794 23,540 s e e Accounts payable 711,179 340,946 ~ d Accrued property and other taxes. (43,224) (51,105) k Actrued intere,t and other liabilitics. 1,522,072 (10,385) 1)ccrea,e in deti cred t ompensation. (60,313) (45,936) Payment to Department of Fncrgt fiir decommissioning. (99,750) Ot her. 148,610 (l58,596) O Net cash prosided by operating actiutics. ~13,355,~ 43~ -1 IT304,171' ~ 1 1 CASil FLOWS FRO 51 FINANCING ACTIVITIES: s Repayment oflong term debt. (4,206,143) (4,550,094) g; 1)cierred patronage dnidends paid. (250,000) (250,000) Cost of retinancing. (504,497) 4650.239) Net ca,h used in financing actintics. (460,640) (5,450,333) Y t. CASII FI OWS FROA1 INVESTING ACTIVITIES: P Additions to cicctric plant, nct. (3,724,534) (3,398,837) [ Additions to noticar titcl. (2,134,906) I296,534) Addnions to deterred rctischng costs. (2,130,979) (2,029,216) Additions to nonutihty property (1,506) Additions to decommissioning tiind. (1,072,860) (1,063,719) r Addition, to other im estments. _ (221,510) (92.105) Net cash used in imesting attnitics. _(9,284,789) (6.881,917) I l ? Net decrease in cash and cash cqua alents. (890,286) (l,027,279) _ -[ >ws CASil AND CASH EQUIVALENTS AT: lleginning of car. 7,948,509 8,975,788 3 s I nd of year. T7,05N 223~ S 7,948,509 1 he astiimpanying n< >:cs tie finans tal s:atements are an interral part is thcsc statements m,vgmemmym-mun.-vm m.wwygnn w n.ce,,,,,m-ng.,,n g p y.,e-- m n, qm.m,n m,,n,; 6

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4: p md = m ?Qi Statements of Deferred Patronage Dividends d and Other Equities For the Years Ended December 31,1993 and 1992 7 w@d j i MM ~ <d I v';k ,,,, M ,e .'t. Qks wn 1993 1992 pis'd M,]s.1 $f - DEFERRED PATRONAGE DIVIDENDS: t llalance assigned beginning of year. S 6,367,255 5 5,867,255 l $pd Net margin. 1,191,105 1,852,250 $MI lease revenue deferred patronage K9 dividends. 16,980 21,075 E h e,/, 40,580 /,n-e o,340 N$gh 3"% Patronage disidends paid. (250,000) (250,000) d il $U k.%, Appropriation of margin - ppq Resers e for contingent losses. (358,085) (873,325) %g Statutory surplus. (250,000) (250f00) %;w{ Q Balance assigned end of year. 56,717,255 5 6,367,255 n Sa. E-i M ~ja OTHER EQUITIES: ' 'J h (Appropriated Margins) N Reserve for 4 {y Statutory Contingent g $dj Surplus Losses Total _ 3.y.d Balance December 31,1991. S 2,349,484 S 9,718,349 5 12,067.833

  • TM Appropriation of margin.

250f00 873,3'!5_ 1,123,325 kNd Balance December 31,1992. 2,599,484 10,591,674 13,191,158 Appropriation of margin. 2E(LO0iL 31L8.0SE 608,085 R g}4 Balance December 31,1993. S 2,849,484 S 10,949,759 S 13,799,243 c.. w. (ny;;&n [b y hA 2 VT} OkzT;) Ah p;; The aco>rnpanying notes to nnancial statements arc an integral part of these statements.

)][ E 4

A 3. hiw 'JV i, l.?h {%y 3 fd h[n :,:g t, .p; > W we nsnw memem m m - m m mm--wmem w ev a m mwww ~w ik $$ Whi Mun55 $ g;

y-w, n ny k, 4 Notes to Financial Statements 1 Decembe 31, l'D3 and 1992 e r s, i t NOT I; (l i ORG ANIZA IION: ( or n Ucit Pim t r ( oopcratnc n hc ( a ioperatn c > n a Rmal i In :rn aniin Adminntranon ( R) O Enained pat ranon and transnmuon unoperatn c acatcJ and ou ncd 13 ruche datnbutoin u noperarn cs and onc 0,, innmural u s,iper ar n c asu n ianiin i In ens in supphed lu the ( o< ipcuin c scn n tarms, small i< m ns and [^ uimmeraal and mdustn;d busmcun auow 27 u nunun in north u ntral lou a { l he ( oopriarnc's thiard ist Ihtnton n tompnsed of one tcpicscutatnc from ca, h member u noperatnc and { n inpiinuide for csrabhshmp raics t hargal to the membri u opcratncs y. t NOI1. (2) SIGNil1 CANT ACCOt*NTING POI.lCil S: P 1 he ('!.iipt f.Irn e inamtairn its asti unt mp rn t ards In at tiir dante with the ('Wh tuli h +.t( m t >j.h t t ents at pn u nbt J lu rht Kl A I bc ugns ant au nant mg ;w iht ics ar c dt vnbc d bch m A. 1.lectric l'lant - 1 inin, l dant n stated at ongmalinst u los b mt hides p.a nill and relatcd benctirs.alo and use rases pnipern tasn and mtcrest Junng the pcinid of s onstru.t:on h ( osa m vinncition u nh repen of pmpt ron and n platcment ist'nenn Icu than a umt of propern m s har gcd to maintenanic csps nse \\ddanns to and icpla cmenn of umn of propctn ce f.E ihe cd to iIn tra plant asu mna. [. V It. Deprcciation and Decommhsionin - h licpicuanon n prou&J usmg sna:ght bne mctbods and R1 A pu wribni hu s 'I hest prouuons. P cwlaJmp nmicar taulmes u crc cein alcnt to a compoutt Jcprc uaniin rate on gross plant of 2 74% and b 2 u-'N tor 1903 and 1992. rcspcanch L UnJcr a piun ou ncrship agrcement. tht ( ooper atn e has a lo t unJa nied mtcint m the IMane Arnidd [ l no rys ( cnict 1)\\1('. a nuticar f acicJ g(ocratmg sianon. w hah w as plascJ m sen h e m 1974. Ihe E-t o perain e n Jcpicuanng in intcrnt m the 1)\\1 ( and cat h scari piopern adJmons sabscqucnt to I. luN4 on a str.ught bne basn oscr the a mauung rcro of the imnal Nudcar Rcpulator3 ( ommnuon [ hu nu tier !)\\1 ( t2014: 'l bc, omposur Jcpics ianon 1.nc on Frow plant t ir 1)Al L u.n 315; and b. 4 ON t for 1993 anJ 1902, respcant h [ A sac spn:ta niunatc of the Jcuimnumonmp, nn of D Al C u as updated m 1992 'l bn rcpiirt [ c stuna: d the ( o.peratn ci share of'the deuimnumonmg sosts of D TI L to be approuma'elt { 5 31 m i l 3OO : m I v"2 di dlars. I hc ( ui pcrain e n po n iJmp t< ir in crall mu lcar dcuimmnuonmg sosts I; usmg a tanJmg method u ha h awaim s a 5% rate of m!! anon and 3% n al ran of icturn Ihe method n bi design < d to au muulaic a & uimmnuoume rescnc surhut nt to un cr the ( o.pcratnci sbarc of f Jcu inu m mmy sosn bs the s car 2014 p lici i s mumimmg s osts au insludcd m Jcprcciatu m and Jco mmnuwa mmg cspcnsc m the %t cincnn of f e Rcu nan and I spenu s u h u sn u cic v5~ttiv2 and 5568.33 3 t ir 1993 and 1992, rnpcctnt h-7 I ht tiital Ji u inu uninmg tunds acs umulated at Da cmba 31,1993, u cic 56,742.7 % of w ha h {s %3.2S4.4 26 has N < n plau d m a mnd Icgah icstncicJ lor usc m Jn ommnminmg I) Al ('.1 he rem.nning %3.4 5S,312. u Nic n it h g h rc tos icd, b.o bun & ugnated t3 thc ( o pcratn e tiin use m Jc omnumon mg 1)\\1( l he um i nt, i np< ment shi m n.n < >t ht r intcint w as 5496.271 and 4511 Anu liir 1993 and g 1002. rnp< s t n ch L. L C. Nusicar i url - I. ic t( nr (if niit tcar Iile n anl4 ift '/c tii steam anti lit bcr plu ct [cnCraIbin c s{t Int s {ias(d ill) tbc quan in of h at produs cd for de gcnaanon of da tra encrpy Nut h amorn/ anon w as 51,578,531 and b. $ 1 Al S. lux t. it lov3 and 1992, rnpu tn ch jl ? D. Dct' cried Rcf'uchng Costs T he ( w p< ratn c dch rs cstramdmarv opt ution an.1 mamtenans e espt nsn mcunni dunng rctm bne R ugn of 1) \\r l' 1 bcsc u nn art bang a:niirtin J to cspense bascJ on the npa red pennanon of tht ( o not ua a + h u s,rnpona-Oahmna ina y r.nn c n inm cnnchnc une m n,,.nn v s h h ame art 1/Jt u in u.n % 1,314 f v7 and 51,3~N.502 tiir 1003 and 1092. respt cin ch iJ 0

i. -

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$ W ? &m[he? ? W & h N W W $. $ ?m & u; n w,QW??&Q A. ww&, pyoga nymuy w j u m a a g g g a +s a s uamg ~ m O 1 f OM i t o:n Q Notes to Financial Statements M December 31,1993 and 1992 49 y (', i E, Interest During Construction - Interest dunng construction represents the cost of funds used for comtruction and nudcar fuci j tcfmement. The astrage rate u as 6,1% and 6 9% thr 1993 and 1992, respectn cly, and is based on the Q Cooperatuc's letch and costs of financtng d F. Capital Lease - 7 The Cooperatn'c has a long term Icase agreement with the Cny of Webster City Metwter City) under T' winch Webster Cit 3 has agreed to provide scrtam generanon and transmission facditics to the Cmpera in return, the Cooperatne will pay a mimmum charge w hidi approsmates the debt senice on these j? in c tacibtics The Cooperaine has capitahird this lease and reflected it in electric plant and has retlected the yp related obbganon as a opital lease obhgation. w 0 G. Income Tucs - I Tbc Couperatnc h exempt from federal and statt income tncs under section 501(c) f 12) of the Internal Resenue Code. , m - Mw II. Statements of Cah f lows - g$ For perpmes of reporting cash flows the Cooperatne considers temporary cash investments purchased d with a matunt3 of three months or less to be cash equnalents Cash paid for imcrest, net ofinterest P opitaliecd, was $6.574,071 and $8,277,145 tiir 1993 and 1992, respectncly (@$ [ I. Cash and investments - lhe Cooperatnc has cash and imestments in the following: f,9) s. sh 1993 1992 m@ Obhgariom of the U $ government and ns apenacs 5 5,489,892 S 4,489,811 { ( orporate bonds 1,747,099 1,468,765 m% Common and preferred stock 1,755.250 1,467,689 MM; Nanonal Rural Unbtas Cooperatisc Finance MN Corporanon tommercial paper 6.529,737 7.375331 TQTk Cash and CDi deposited unh tederally insured tinanual imtitutions 1,154.295 1,261,115 %; ))@ l unds held m trust im ested priman!) with fg. low a pubhe Agency Imestment Trmt 5,548,878 5.680,385 i Fconomic dcsclopment imestments 1,390,147 1,134,109 g y% y} 0:her mvestmenS 143,495 225,847 Mil g 523,758,793 S 23.103,652 si The ab< n c mvestments are insluded as fiillows [ m the accompan3ing balance sheett Decomnussionmg fund S 6,742,738 5 5,669.878 nyj Other imestments and recetvabics 7,393 805 8,282,058 y Cash anJ cash equivalents 7.058,223 7,948,509 N E short term irnestments 2,563,927 1,203,207 i . M1 N i & 5 23,758.793 S 23,103,652 m,[f The abmc amounts inslude 56,954,269 and 56,740,211, at December 31,1993 and 1992, respec-tnch, which must be med to fund construcnon of clettric plant. The carrymg amounts of cash and cash equisalents and short term mvestments of 59,622,150 and 59,151,716 at December 31,1993 and 1992, respectnch, approumate the fair uluc because of the short maturity of these im estments. The fair ulue of desommissioning fund imestments and other im estments A and tccchables arc based on quoted market prices ihr thosc or similar imestments, where avadable.1 he nir value and cartTmg costs of these imestments are as lidlows: [ 1993 1992 / Desommissioning fur.d carr3 ng value 5 6,742,738 5 5,669,878 i 4 Detomnussioning fund f,ur ulue S 7,011,185 5 5,952,835 l7 d Other investments carning s alue 5 5,649,936 5 6.747,136 g,&j Other im estments fair ulue 5 5,695,104 5 6,864,335 N m pen W 4 ""WWFWWWe"m" ' [M"TWQfy; W WyW***T y V W M W W WQy?W T*#'W"KT*2 WTTW ha ^ c e

w-m m u5 unide s e,W. wwOU i%h :Os > ~~2 k ih $dnu s e u - vihW < sp:s >e vI-& sw W

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i Notes to Financial Statements December 31,1993 and 1992 m. >4 4 (yf.K I or othcr im rumenn and icten abin of 51,~4 3,969 and 51,534 922 at licsember 31,1993 and 1992, inpesin ch, for ulnt h therc ucre no quoicd market paucs a n asonabic estunate of tan s aluc sou;d not be made E' u niniut ms mrmg cunsnc tostt Thne im csiments miliated $1,000.000imrucd m the pictcircJ stosk of the b ma (.ipaal( orporarnin (l( T L 'I he it (:is a tor profit torpmanen estabbshed for the purpose of adsanong N co nu ntm des clopment m the state of h m a 3 Ancr pannent,it operanng iosa and s crtam n scncs the nct pn u ccds ot'll'(' u di be paid to the prcicrred unithiildcrs miludu:g the ( os peratnc, unni the pictcrn-d snal unestnu m plm a 15% s umulatnc rcturn has tu cn returni J Ancr u hu h, am rcinaimnp proiccih u di be sphi 2/3 to the prctened stos kholJcts and 1 ethe s omm. m sto L hohicn < the uaic of b m a ) K wy'~"e The ( a =.peratnc has an unestment ot 52,515390 imd $2,514418, at 1)ct cmbi r 31,1993 and 1992, r. in t h, u nh the Narninal Rural (*tihtics ( nopt ranse I manual Corporatnin (( i C Tim imntment n rcquai d m order to aW m the ( ooperatn c to bmrou tun h inim ( 1(~ l he smotment carm micrcs of 5% on 52.195,507 j- ~ u ha h maturn bctu ren 2070 and 20No anal 3% on 5320,383 ulus h maturn bciu ccn 200~ and 2025 I hc ( in ept ratnc mtends to Abipt %) As No I15 " Au ountmg toi ('crtam Irnt stmenn m Dcht and I quity Je secantu s" crin tnc lanuan 1,1994 l'ndcr the statement, the ( nopcratne's oncsiments m seriam Jcbt and 1 marLctab!c c pen wiunnn u dl bc scportui at tan s aluc u ch umcah/cd gams atul lossa n puncd as a net amoum m a scrai.uc i.omponcnt of shan hohicrs' cqmn tmtd n alucJ l he maionn ut ihr ( h ocratn c's Jcht im estments aic mn nJcd to bt held to matunt As suih ths adopnon of s1 A% No 115 u dl not thange the Coopcratnc's auounnag in ihnc Jcht unestments I or the tcmammg mu stments the adopnon of si As No 115 uill niit base a mairnal cttict on the ( a n ipt iatnc\\ tinanoa! posmi m or resuhs of operaniin NOl'1 (3) DI l't.RRI.D PATRONAGE DIVIDI NDS AND OTill R I QlTIli,S: In an ordana - ma ( oJc, the 1;oard of D,rcitors a nqmred to aliosate a pornon of the s urrent s car's nt t m.u g m t o sw im untd the uaturon surphis equah 30% of total cqmn. No aJJmom 6 an be made to star utiin sur phn u .t cursts 50 L of tot.J cqmn I bc BoarJ of Ductton appropnan J 5250,000 of the lu93 m t marpm to n surphn 'I he (qmt Jcugnan J "hnen c b o i mtmgent losso" m the Ntatements of DefencJ Panonapc Dnidends and ()ther i munn n,m appiopuanon of cqmn in the Board of Ducs nits 'I he BoatJ of'llnestors appropnatcd o 4358.085 of the 1993 net marpm to Rcwne for contmptnt lossn 'I hcie is no statutory tcuncnon of thn cqmn 'l he BoarJ of Itinton n pctnuttcJ bs the lon a ( ode to ah aic the 6 uncnr scar's nct inargm to descrrcJ pan.inagc Ja uirnds opim mcctmp terian n quucments and r requacJ to maic such allocanom it the net margm tor the scar t u enh spuincJ masunums ~l he noarJ of Decours has appropnatcJ $600.000 of the 19t3 nct ma,pm to & tcrnJ patronage da uknJs lkterrcd patronagt da Jco h uc to be p.aJ m the tutmc as Jctermmcd }M M the BoarJ of Ibro ton y s l'nder the 6 t uhhtu un s.1 the ( 4 ppcIain c\\ m'irtpapcs deterf tJ patnmapc dn tdcnds t anna nt be rctucd withiint I appros al of the R) A and the ( l C unless the remauunp t qmn mccts scrtam tcus ~1 he ('oopcratn c don not mcct $*m thnt ints at ih scmbcr 31,1993 llou n ci, the ( oopt ratnc racncJ pctnussion and rcrired 4250.000 of the 1981 panonage JnidcuJs Ju mg 1993 NOIE q4) 1 ONG TI'RM DI.It i: s 1 ong icrm & bt sonets of mongap notes p.n abic to the l'nucJ statn i t Amenca acony thniugh the R!.A and the I cJeral 1 manong 1; ant.1 I 11.ap:tal Icasc obhgani sm, and noin nsord in tonians tion u n h t he usuan c of pollute n s onno! rcu nur bi nsh subuann.dh all the amis and a!! rent. msonu, rcu nuc and nct margm of the ?y ( o ptrat n t.nc ph JgcJ as u d!atcral fin the 1 ng trim Jcht i 1 the ( oopcratnc ! ong term dcht n somp; scJ of WN 1992 Mmtgagr noin duc m quarto, m ualhncnts R1 \\ 2; Juc tou4 200N s 15 ~n l.83 s 17,115,904 R1 \\ M. _ Juc luv4 2019 212;2.727 2 x,030.594 Y II B 5 5% i! St duc 1994 2019 ~1,330.~92 ~ 2,; N,19 s 4 !!4 34(3;n 1i7~2IA96 1 ( apu.d h asc obl. pat n im Ebsta ( m l<cu nue Bonds 4' ~ 5i Juc 1994 2nn2 5,9]S, 08 e p28,5 ) I i pi diut o m tier (d r es tnuc ba nhh 4 25N 61253 Juc ss nath !J 1994 1997 and tctm Joe 200' _ 2 3;jp o. 2f1 M sl:2pvv.064 s 127,2n; 20-gwmmmm-e~g ym yygv~ mngwygv~r~~,.mm gw

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g e w m g; m W.wemsems a - w# , e- , m. W., - W. 4 n T..g .o.h J. A y 1 ,o m.= t n x% t 0-l YhL h , bf &. g ( [ j.J V ' E C) 1 -.. ~ w bbddbib.tSdI bhdb bbdduldd.$ b MasIIbibbO hdLihUbM., Db g tbE$6LEnWeddddM I Wp wo S.e s. 3 - - ~ i" Notes to Financial Statements NiN December 31,1993 and 1992 +Q $ ' ]3 i p' e Matunrics of long term det3t for the nest fnc years are as inthmv. Q l ' 'p YLu htunn a 1994. . 5 4,740,918 m@M 1995. 4,N2 5.809 $jsg]M 1996. Sp63,395 y+ 1997. 5.269,143 1998. 5.052,675 h ,9 in tonnet non with the mortgage notes, the Cmperatisc had asadabic at December 31,1993,53,882,000 from g Cl C to mcci future lorrowmg nerds. In 199% the Cooperatne recened appros41 for $16,939,000 of asailable y7' y 11It loan funds to be used tbr tiaahfpng (omtruenon projects The (:ooperatne has 52,099,193 of unreimbuned tapital additions w hn h it amitipates will be funded by the most retcnt I'l B loan in 1994. The ( uoperatis c haJ " f j:g available at Iacccmber 31,1993, an unused 512,000.000 Imc of creda wnh CFC of whnh 51,000,000 is as adable ,yg only in the escnt of a nudcar mcident. ffg liased on the borrowing rates surrently asailable to the Cooperatnc thr debt with similar terms aid matunnes, the 9 tair v.dur of long term debt u as 5130.472,36H and $129,730,335, at December 31,1993 and 1992, respectively. ./wvd The Coorciatne paid the 1iI: 5504,497 and 5650,239 in 1993 and 1992, respectncly, to reduce the micrest MM tate on a number of its 1i B dcbt issuct The fres base been deferred and are bemp arnortired oser three scan which h wrresponds uith the penod the Cooperative n twnering the fees m ratet The present salue savings as a result of g,d the mterest rate redutnon,!cw the fen, was 51,138,033 for the 1993 transattions and $1,484,669 lbr the 1992 4 tramactions. m x e J U.- 7 '4 5o I: %a rd' NOTE (5) CONSTRUCTION COMMITMI.NTS: 6 hh Total mmirutnon espendnurcs for 1994,indadmg expendaurcs thr the jointl -owned umts, are estimated to be 3 h M* ij $9,721,580 of winch 51,735,580 n tbr the purchase of nudcar fiici at DAl C. W C4 3Z NOTE (6) JOINT PIANT OWNERSIIIP: i.h,.s: . pp Under joint ownership agrecments with other Iowa utihtics, the Cooperatne had undnided mtetcsts at December y=j y c 31,1993 m threc electnc generaung umt* as show n below. ~J GWAlt Oq Duanc \\ MS Council Arnold /% Neal Bluffs 1;ncrgy $@g d Unit #4 Unit 3 _,_ _Cnttu l MW ~1otal electris plant.. 5 44,455,478 5 13,995,685 5 65,460,666 l q Accumulated deprecianon.. 5 19,864,821 5 6 D91.115 5 22,906,938 p @qQg Umt as credard capacny - MW. 624 675 530 p:ji,

  • pq?

( ooperative's share pcrcent, 1130% 38% 100% h. Capital cost per IM. 5 630 5 546 5 1,259 f ![h l j Lach parncipant provided its own fmancmg tbr ns sha c of the umt. The Cnoperatnc's share of direct espenses of Q(g*/ HUM] the jomtly owned umts is induded in the o;wratmg and maintenance espenses on the $tatements of Resenues and N y i spcmcs. Dunng 1991. the Cooperatitc, one of ns mcmber, North lowa Municipal idectric Cooperatne Awociation $d.d j INIME CAL and the Cit) of Grundy Center (the City), a NIMI CA member, entered into a long term lease ,p j agreement for the use by the Oty of two megawatts of the Cooperatnc's capacity in the Neal #4 generation yg fadht es. The Cooperante will mntinue to act as the Neal #4 partner on behalf of the City. The alwwe plant 9 $ statisacs have been redused to reflect the agreement j WM FIR 4 gC%) - 1 gig l W'/?

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Notes to Financial Statements December 31,1993 and 1992 0 !j NOTI { A l'I.NNION Pl.AN: i j bc ( o<ipcrain e has a depout admimstranon defined bcnctii plan u hn h u nen substannalh all e mplo es 'I he phm is tunth d p. nth in s ontnbunons to en the ( ooperatnc and all parinip.uits Awets arc htlJ on depimi bv an 'T nNirant t 4(if nfafn ni its f.cacjal ak tillul! lh ns tin p.ud to retutd cmph nces arc c pial to 2 I/4% of the.ncragc monthh carnings muhtphcd bs the scan of 1.19'l ,M, u nur unsc lanuan 'l bc ( oopt rarn c has rnorded pension espcnse equal to ni, tunJmp u eninburn in m its $tatements of 1(cs g enuci,and I sprosn ionsntrot u nh the ratr ircanni ni Ahm ed t!us tost Nct pen,whc pcnuon tosi loi the u.us cnded 1993 and 1992 moludn the f.dhming somponemt , dp:

  • i 1993 1992 9N' sen a c inst bem tin carned durmy the penod.

S 242,966 5 312 A 3-Inica st inst on proicircJ bt octit obhp.mi m. 365,944 358,167 a RcJu,non m pt nuon s ost from as t ual e t t urn on aucts - (422,027) (436.225i %i amortuanon anJ dricrral 54,934 79.052 ,]:{ Nct penodh pensi m sost t mph 9tn ( 2,5451 (94.029; Nct promh.. pcnuon tost cmph n er. 169,272 219,402 ( hange m cspt osn duc to rate regubn..n. 14,572 4214,042i 'lotA p(nu.mio<i s 183.844 5 - 7

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1 ( l993 1992 Awompnons used a crc s ! hscount ia!c. 6.50% 650% 1 Rate of int rcase m iompensam.n in ch 5.50% 5 50't I tra ted h mg trim tatc or rct urn on assets 8.00% 8 001 1.,h' 'I he t di m mg uble prescon the plan's f unding status and amounn rnognutd in the ('uoperatnci balanic . i sht cn as ot'Iincmbei 3i,1993 anJ 1992 1993 1992 .4 e a k 4 p k h e Vcut J bcut ta obhgan.in 5 4,467,949 s 3.631 A 11 [ p Ninn esu d bructit obhganon w 2_3 4,9. N.. _I 281J8; L umabtcd bcnctit obbganon 4,702,930 3,913,196 Pros tuun for tmurc pas macas s 2.163,242 If;m 0-!_ 4 Proicued t i nctit obhgnon 6,866,172 5.88x.riOO 11an assen at f.ur s ahw 4,96H,3 20 _4p40J 4 2 Pn yected bt m tit obhc.atu m greatcr than pbn awris (l,N97,852) ( ),24 8,4 5 N 1 l'mn ognurJ nct < gam i low Q. 525,831 > 68,112 i I'mcu,gnacd pn. n scn u e u r t g 20,226 22A2M 1 nn cogmerd nct nanunon obbymon d 395_ si; 4C" ,y i h9 k 4k! l! hk a hk _a_ y e ,e. g g [ 'l hc ( ~ooperatn c aho proudc a 401. L 1 pbn u hn h is as adabk to a:t emph n en u ab ihc ('ooperaine man hme 25", of the i mI.hn cri (ontnbunon op to 4 s of :he emph n rei u ayn s in addmon. the cooperatnc proudn ccrtam heahh and hic msaran, c bt nenn to aanc cmph n cn 1(cored M('hl >w o aph n cn m.n o,cnnuc mcam al ms nanu our.nec at thar m n o,st [. ; a 3g. l I1\\'. ' [ m v~ w<yv y n m e y yn y m p m m y w w m n c m v w w p. m y w .mmww+y mey mm wwm - ?~

.cf, q v z e.> 3 n 1 Notes to Finanedal Statements December 31,1993 and 1992 a I NOT E (H) LAND 11 ELD 1 OR ITTURE GENERATING SITE: 1bc Cooperatoc n a parthipant m A!hed Powcr Cooperatnc of Iowa ( Albed L Alhcd was organi/cd for the purpow < a bmidmg a generatum plant and relatcd transnnssion taahttes to pnmde for the futurc power necds of Danng 19S0. Aihed b errmncd that tt ; cstimate i future pimer needs of us member i its membc s ooperat n cs cooperatncs had da hntd and that the sonnnued desclopment of us plant suc w as not feasible It n contemplated that the plant site will be dncloped m the future as the nceds thr power increase. NOTE (9) LIAltllllY l OR SPl NT NUCLEAR ITEL DISPOS AL COSTS: T he Nudcar Wastc lbpm 1 Ait of 1982 gasc appros al to the fcdcral pournment to mnstruct a rcrositon ihr the nanoni s nihan spcnt nudar tuel The A t staicd that funding thr ihn repo atory would be prouded by asscwng nucicar generatmg umt ou ncrs a onc nme tic for spent nuslear fuel bcmp stortd on site at each nudcar f auhts m Apnl 1953, and by awcssing all taturc cncrgy gcuerated in nudcar laahtics at a rate of f 0 nul per Ldow att hour The Cooperatne n pavmg the post 1983 tecs on a currcnt bash and wch tees are bemg charged to 4 sit am and other power genciatn n esponses The Cooperaine has proioush p.ud the one inne tic and n amortinng it to espense mcr a th:ricen., car period endmg in 1998 w ha h mrresponds n,th the penod the in both 1993 and 1992,5160,176 w as amortved to steam and ( oopcraine n rumennp these m~ts m ns recs other pom r generanon espenscs NOTl! (10) NIMI CA COMillNED TRANSMISMON SYSTEM: In 1989, the ( ooperatar and onc ofits mcmbers. NIM 1.CA, entercJ into a joint transnuwon agreement uhkh i ,dlows scscral members of NIMI CA an mdnidual undnidcd ownerslup micrcst in and as(cw to the Cooperatnc -b ~1he (looperatnc has a t ten able of $4,953 201 t' rom a trust estabbshed by NIMI CA for transnuwon spicm u!nmate pas ment to the Cooperatnc. These tunds on onh be used to fund REA apprmed transmiwion proiccis. ~1 he ( ooperain c wdl sontmue to operate and mamt.un tht system. N!M1 CA members w di reimburse the ( ooperatnc tor the propornonate share of opcraung espenses of the sotem and will contribute proportionatcly for all totarc iapnal additions of the system.1 he reimburstmc ni of the 1993 and 1992 operanng circnses were JJ .,L $554.683 and 5499.217 rcspectnch, and were rtcorded as operatmg resenues. Additionalf),the Cooperatnc and 'i N1M1 (;A cntered mio a apautt shanng agreement whuh proudes tor the shannp of generatmg resources through at Icast 2009 NOTE (l1) CLEAN AlR ACT: The ( lean Air Act t Act i, as amended, made Vautitam thanges m the nation's clean air laws.The Act's spccific q ', ' amendments to aad deposinon control (aad ram i m Lc ugmthant reducnons m the amounts of sulfur dioside anJ narous oside enuwons allow cJ on an annaal bam nat onwide The (looperanvei coal tired generatmg statu ms arc m mmphance with the standards established by l'hase I of the Act and management has begnn unp!cmentmg programs nctewan to mcct the comphan c requirements of Phase !! which will be cficcthe in the scar 2000 NOTE (12) NATIONAL ENI RGY POLICY ACT: I he I cdcral National I nerp Pohes Act of 1992 rcqurcs ou ncrs of nodcar poucr plants to pas a special awcwment into a "Uramum I nrichment Dnontaminat on and l>ccommiwonn g iund " The aucwment is based upon pnor nudcar fuel purchm and for the DAl C.ncrages approsimatch-51,296.000 annualh' through 2007 or u hich the ( ooperain cN 10% sharc n 5129.600 1 he Cooperain ci total awcument, of $ 1,914.632, u hn h wdl bc rccou tcJ m raics, has bem rnordcJ as a habthis, nct of pay monts m the balanic sheets wnh a wrrcspondmg dt terred sharge bemg amornicd ostr a 15 scar pcred 7' Ni hh+k.h. h..,.fh, -j. k [ s 7 p; q.s. . ~. m.. ( v..... y g - - - - -~ _ __ _ _ _ _ _ _ _ _ _ _ _ .s,.., s. ~4 e..

i p- , n m~.~m, + 4 a b,. r ... _ ~; m i 7 n v2p 1 r i Notes to Financial Statements I December 31,1993 and 1992 4. J l-A r a L 'i i. f( s-e !r. NOTE (13) NUCI.LAR IN5URANCE PROGRAM: E w tu The (in etiaine, under the prousiains of the Prhe Andcruin Amendments Ac t of 19S8 (the 1988 Acti, has the bcnctit of f 59 4 bdhein ofpubhs liabihty coscrage. ~1he coscrage mnsnts of $200,000,000 of insurance and 59 2 bdhon of potential f' it troactnc awcwments tr im the ou ncrs of cash commerual nuclear pousr plant. l'nder the 19X8 Act for lowes rclating to I: l nusIc.ir acudents m curw of $200,000,000 cash inhlear reactor nu) be assessed a nusimum of 5'*9,000,000per nucles nuiJcot, pasabic m annual installments of not more than 510,000,000 The Gioperatne's asscwment on as 10% ou ncrship in k D.\\l ( m.n bc up lis 57,900,000pcr i uticar inddent with a niasimum <>f 51,000,000 per Scar. These bmits arc subsect to I ad;ustments tiir entlanon m t'uture y cars k; i rumu.un io pmiouons m s.mous num, msor.mm puhamnc Ceopa.insc muu bc.imwa rannutnc p,cnuums m i mnncinon with turme acudents at a nuJcar tadhry nu ncd b a unhty partiapanny m the particular insurante plan. In [I. 3 addmon, the (i operarne muld be asscwd 51,200.000 anJ sl40.000 related to coserages for cucw property danuge and replaana nt power, respcstnciv,it the msurcr's losses relatmg to an acadent cscceds its rescrses While assessment may also bc {l. nude tier losses m arram pnor s cars, the ( ooperatnc is not an are of any losses in such cars that it bcheses are hkcly to result 3 m an awcssment ff bte Report of Independent Public Accountants Io 0 i TO TIIE IlOARD OF DIRECTORS OF o CORN llELT POWER COOPERATIVE: F-fh We 5.nc audacJ the a,mmpanymg balance shccts of Corn IMt Power Cooperatnc ia unoperathe awouation incorporarcd in y,j low a t as of Detcrnber 31,1993 and 1992, and the related statements of res enucs and espenses, cash flows and dticrred patronapc [ dnidtmh and other cquiors thr the scars then ended These finanaal statements arc the responsibiht) of the Cooperain c's '= nunagcmcnt (lur responubiht3 h to espress an opunon on these finanaal statemcrus based on our audus We ctHidusted our audits W Atisrdafhe uith genciall3 ancpted auditing standards Thine standards rcqtiire that u c plan and i.. pcrtbrm the audit to obtam irasonabic awurante about u hether the finan6ial statements are tice of matenal nuwtatement. An audit !E mciuJes csanunmg, on a icsi basn, ciiden e supportmg the amounts and dailosures in the financial statements. An audit aho [. nhludn assoung the auounting pnnaples used and ugmticam estimates maJe b management, as util as es ahianng the overall [ 3 tinanual starcment presentanon We behese that our aud:ts proude a reasonabic basis for our opimon L t t-In our opunon, the finanual statements retcrrcJ to abos c present fairit, in all matcrial scspects, the financul position of Corn [' Pcit Power ('ooperanc as of December 31,1993 anJ 1992, and the resuhs of ns operatiom and its cash flows for the ycars then f( ~ ' cnJcd m umfornuts u nh pcncrally ancpred ascountmg pnnaples Kansas City, Missouri ARTIIUR ANDERSEN & CO. l 1:cbruary 18,1994 l ,g 1 + k y ,4 f; v. t. f ..,_.m. q7 'r _ m mm_ ...Z__..

T i nsuome mised feelins' ooking fi>rward this year support good growth along with stable bri rate' Thi"ould mean iooking for new Looking George Toyne, u ho has been cencral wars to share senices and facilities with Forward manager orcorn neh rower C;,oper.uive milities ihauompicmem our necas. fi>r 18 years and an employee fi>r 32 Corn llelt is ti>rtunate to have an years, uill be retiring. We will all be exceptionally strong transmission system. reluctant to see hun retire, but are also in the nest few years, we will be happy that he will non get to spend addressing two important transmission some u cll-desened years with his f.unily. issues: retail wheeling and open access. (:orn llelt, hon eser, will continue Retail u hecling will concern the deliverv 2u , 4" af ter George's retirement as we f ace of power fiom other utilities over our I l many ditlicult and exciting challenges. lines to our member customers. This will Perhaps one of the most perplexing be a hotly debated subject and the A issues we'll be dealing with will center on outcome will have a big impact on our - k('; future growth. During 1993, Corn llelt future. O witnessed the highest kilowatt hour sales We might ako be faced with outside to RE(: member sy stems in its historv. use of our transmission system, which Since 19S7, we base been seeing fainy would require us to determine rules and steady increases in sales during a time fees ti>r this senice. We have been ining Dale Arends when, mpposedly, the number of tarm to address this issue throuch SeniorVice Presidentand members is declining. We will be spending Alid Continent Area Power i'ool Assistant GeneralManager a great deal of time and etli>rt anah /ing (MAPP) ti>r several years and have yet to what is happening in our system and reach a conclusion. This situation is how it will impact our future. being thrced upon us by rules established Corn licit's ellbrts in marketing and by the Federal Energy Regulatory economic desclopment are obsiously Commission. reaping some benefits, and now w e must Our future at Corn llelt Power deal with how to handle our success. Cooperative is tilled with exciting Within the utility business there are challenges. We can all be thankful that diversities among utilitiet ifwe can take Corn l! cit is well positioned to deal with ads antage of these ditl'erences, w e can each and es erv issue. Cooperative Highlights 1993 1992 Total Energy Sales (kWh). 953,505,381 921,598,205 Peak Demand-lECs (kW). 170,426 186,129 Total Assets.. $ 154,321,064 S 155,411,553 Total Long-Term Debt $ 122,999,064 S 127,205,207 Total Operating Revenues. $ 43,230,127 $ 42,456,548 Total Operating Expenses. $ 34,528,911 S 33,025,664 Net Operating Revenues S 8,701,216 S 9,430,884 Net Margin 1,191,105 S 1,852,250 Miles of Transmission Line. 1,583 1,581 Distribution Substations. I13 112 Number of Employees. 89 87

r l l 'dM f., ~ l l ) j l r W 3 y s ? 'f- .t g ) f ? e l 8"%# g ~ y ..f ~: i l j Corn Belt Power Cooperative Board of Directors and Management 1 j Front row, frorn left: Dale Arends, senior vice president and assistant general manager; Russell Krog, Wright County REC; second row: Ronald Delber, vice l president, NIMECA; Donald McLean. Grundy County REC; Roger Rust, Franklin REC; L. Kirby Range, Iowa Lakes Electric Cooperative; George Toyne, executive vice president and general manager; third row: Eugene Drager, president, Humboldt County REC; Norrnan Kolbe, Sac County REC; Lawrence Wittry. Glidden REC; Carrol Boehnke, treasurer, Hancock County REC; Donald O' Tool, assistant secretary / treasurer, Calhoun County ECA; Keith Gelder, Midland 1

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? >1 Power Cooperative, and Donald Feldman, yc. .y ~4 secretary, Butler County REC. Regardless of the weather conditions, - gno,o ey xnour eno,ogrogny i Corn Belt Power looks to the future with optimism and purpose. en,

I t 9 7 P l L Corn Belt Power Cooperative l D 130013th Street North l Humboldt, Iowa 50548 i 515/332-2571 Y e y P ee a n.-- -v.,. .. - - -}}

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